$SNAP Shares Plunge 30%

CNBC Headline: Snap plunges 30% after CEO warns company will miss revenue and earnings estimates, slow hiring


Snap shares plunged 30% in extended trading on Monday after CEO Evan Spiegel warned in a note to employees that the company will miss its own targets for revenue and adjusted earnings in the current quarter.

The social media company will also slow hiring through the end of the year as it looks to manage expenses, Spiegel wrote. Part of the letter was filed with the Securities and Exchange Commission.


Also the following online advertising market names lost their mojo after-hours: $FB $TWTR $PINS $GOOGL $TTD

The news hit the online advertising market hard, sending many of Snap’s peers tumbling after hours. Shares of Facebook parent Meta dropped 7% in after-hours trading. Twitter fell almost 4%, while Pinterest slid 12%. Outside social media, shares of advertising companies also fell after hours – Google parent Alphabet was off more than 3%, while The Trade Desk fell more than 8%.


1) $SNAP was off -30.97% on its last trade in the after-market.

Other online advertising names falling in sympathy: $FB $GOOGL $TTD $TWTR $PINS